R&Q Re, a subsidiary of non-life global specialty insurer Randall & Quilter, has announced the acquisition of a Bermuda-domiciled captive.
The transaction is subject to customary closing conditions and regulatory approval.
R&Q Re is a Class 3A reinsurer and R&Q’s primary legacy vehicle in Bermuda. It had statuary capital of $100m at 30 September 2020.
The company has been increasingly active in recent years, both as a reinsurer of inter-group legacy transactions and an acquirer of Bermuda and Caribbean-based captive insurers.
R&Q Re says the transaction provides full finality for the seller after the captive was placed into run-off.
“We are delighted to have agreed terms on the acquisition of another captive insurer,” said Paul Corver, Group Head of M&A.
“This continues a trend we’ve seen over the past six months or so where captive owners are seeking full and economic finality solutions.
“Whilst this transaction remains subject to regulatory approval, we have confidence in our ability to complete the transaction in a timely manner.”